Garland, TX Cash Advance Loans
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Advantages of Taking Out a Payday Loan in Garland
Garland residents who are dealing with cash shortages can consider applying for a cash advance in the form of a payday loan. These are short-term loans that borrowers pay back in full with their next paycheck. Payday loans online can be used to cover living expenses when finances are tight, pay for essential repairs, fund a business opportunity, or even pay for big-ticket items. While lenders will usually run a credit check on each applicant, shorter-duration funding options are generally more flexible than traditional lenders that have stricter requirements and policies.
Risks of Taking Out a Short-term Loan in Garland City, TX
Short-term loans often carry high-interest rates due to their high-risk nature. Potential Garland borrowers should note that the maximum APR for such loans in the state of Texas ranges from 170.33% for a $350 loan with a 30-day term, to 570.18% for a $200 loan with a seven-day term. This means that if a borrower were to take out a 14-day, $100 loan, the most they would have to pay for a finance charge would be $11.87.
If a borrower is unable to repay a loan, it will continue to generate interest charges at a high APR. Borrowers often take out additional high-interest loans to repay previous loans, which can trap them in a cycle of debt. Financial experts advise that borrowers determine their ability to repay a loan before applying for one.
Qualifying for a Payday Loan
If a borrower determines that he or she can afford a short-term loan or a cash advance in Garland City, TX, the next step is to apply at a storefront lender or online. Applicants will need to provide proof of their identity, age, address, as well as their Social Security number, bank account information, and employer information. Online applications typically take a few minutes and approval is quicker than those associated with conventional loan processes.
For alternate options to shorter-duration funding, borrowers can try to cut expenses. Some cash-saving strategies include:
- Eating at home instead of dining in restaurants or getting takeout
- Giving up expensive coffee beverages
- Canceling duplicate and underused services
- Borrowing videos and books at the library instead of buying or renting them
- Cutting entertainment and exercising expenses by visiting free local resources in Garland, such as Rowlett Creek Preserve, Breckenridge Park, Crowley Park, and Spring Creek Forest Preserve